Exelon

Capital is directed to regulated electric and gas infrastructure where returns are governed and largely visible. Management plans 41.3 billion dollars of 2026-2029 spend, with transmission driving roughly 70 percent of the plan-over-plan increase and constructive opportunities identified beyond the plan via PJM windows.

Funding is balanced across internal cash, utility debt, modest parent-level debt, and measured equity issuance (average under 2 percent per year). The dividend policy guides to 5 percent annual growth (1.68 dollars in 2026), aligning with a payout near 60 percent of operating EPS.

We view the choice to lean into transmission and resiliency as moat-accretive, though legislative and affordability pushback (e.g., Maryland’s reconciliation cut) argues for disciplined O&M and stakeholder engagement to preserve constructive outcomes.